Boise Real Estate Blog

Summary of the Boise Idaho Real Estate Market

Available Listings

• Our listing inventory remains about the same as it was at the end of Q2.
• It’s extremely difficult to find a quality home matching a buyer’s specific criteria.
• We have 1,745 homes available in all of Ada County, spread over 17 MLS areas, in all price ranges.
• Only 840 (48.1%) of those available listings are existing resale homes.
• 85 (4.9%) of those listings are “To Be Built” (builders seeking pre-sales).
• 402 (23.0%) of those listings are “Under Construction”.
• 424 (24.3%) of those listings are “New-Never Occupied” completed spec homes.

Pending Sales

• We have 1,391 pending sales in escrow now vs. 1,452 at this time last year (-4.2%).
• 469 (26.9%) of all pending sales are new homes under construction.

Closed Sales

• 31.7% of all YTD closed sales were new homes.
• We closed 8,746 homes in the first three quarters of 2019 vs. 8,937 in the same period of 2018 (-2.1%).

New Homes

• Many buyers are opting for new homes due to the lack of resale home listings.
• Most builders are building spec homes with pre-selected options vs. allowing buyers to select options.

Comments

• We continue to sell fewer homes at higher prices due to our low listing inventory vs. strong demand.
• Interest rates for owner-occupied homes remain steady around 4% for 30-year fixed-rate loans.

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Data pertains to Ada County single-family homes on lot or acreage.

Data extracted from Intermountain MLS on 10/5/19 and 11/2/19.

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